sba.gif (25753 bytes)
Click here!   

  headermenu.gif (2323 bytes)


Memo from the Chairman
view.gif (3718 bytes)
Venture Capital
Mergers & Aquisitions
Corporate Finance
International Finance
Reorganization & Restructuring
Business Plan Analysis
Flow Analysis
Broker Dealer Analysis
Health Care
securities.gif (3395 bytes)
History and News

The Internet
joinbot3.gif (9803 bytes)

pouch.JPG (12055 bytes)

Continued from page 12


A team of highly trained geologists evaluated the gold samples and announced that they were legitimate sent the stock even higher, and the frenzy assumed unstoppable proportions. More importantly, Freeport McMoran, a highly regarded expert in the field announced a joint venture with Bre-X and they were advancing substantial funding for the mining venture as well.

At this point the strangest of things occurred, the world-renowned chief geologist for Bre-X, Mike De Guzman, seemingly became disoriented aboard his helicopter and stepped off the plane into the ocean, thousands of feet below. Although this caused some consternation, pundits disregarded the aerial circus by remarking that "Mike always was tripping over himself". While this satisfied many, an investigation was begun and Forensic Investigative Associates was hired to look into the claims that had been made. They found that the gold had been salted and that De Guzman was had committed suicide. They named one Cesar Pupos as De Guzman’s accomplice.

Others have far more esoteric theories on Guzman’s demise and a have placed a broader conspiracy spin on the overall Bre-x hoax. There are some that are convinced that sometime before Guzman’s wild stories of gold all over the landscape first emerged, he was kidnapped by an Indonesian group and informed that he had to find lots of gold on the property or the would resort to serious dismembering of his torso. These conspiracy buffs led by a respected author in the Philippines, who just happens to have a book coming out in which she accuses Indonesian factions of helping to plot the scheme which resulted in the largest mining scandal in history.

In the early West, when someone wanted to sell his mining claim and move along, he would often take gold and fill his shells with it, put the shells into his shotgun. From there it was a simple task of taking aim at his mine site and pulling the trigger. Gold particles became imbedded deeply into the rock and when a sample was taken it appeared as though the claim was awash with the precious metal. Mr. Guzman used modern technology to salt his claim and the saga of what has become known as the "bungle in the jungle", a fiasco in which a global record six billion dollars was stolen from investors in the greatest scheme in dollar terms in history. On November 5, 1997, the Court of Queen’s Bench, Alberta put Bre-X Minerals Ltd. into bankruptcy.


Previous | Next


Hedge Funds



 Home | About Us! | Search Us! | Contact Us!

Copyrighted Worldwide 1997 Chapman Spira & Carson, LLC.
45 Wall Street - Suite 1022
Tel: 212.425.6100 - Fax:212.425.6229


Home | About Us! | Search Us! | Contact Us! | Contents

Copyrighted Worldwide 1997 Chapman Spira & Carson, LLC.
45 Wall Street - Suite 1022
Tel: 212.425.6100 - Fax: 212.425.6229